European natural gas prices approached €89 per megawatt-hour on Monday, October 19, amid concerns over winter supplies, while international oil prices declined.
According to Trading Economics, European gas was quoted at €88.92/MWh, an increase of 1.57%. The rise reflected concerns about limited liquefied natural gas (LNG) supplies from the Persian Gulf and difficulties replenishing European storage facilities ahead of winter.
The figures were based on over-the-counter and contract-for-difference instruments rather than direct exchange quotations.
Oil Prices Decline
Brent crude fell 1.5% to $108.27 per barrel in early Monday trading, while US West Texas Intermediate (WTI) declined 0.6% to $100.83, according to Moneycontrol, citing Bloomberg data.
Later market quotations from Trading Economics placed Brent at approximately $107.15 and WTI at $99.60.
Oil prices declined as traders assessed tensions in the Middle East alongside indications that regional supplies remained close to prewar levels.
Despite Monday’s losses, both benchmarks remained above $99 per barrel.
Europe Faces Winter Supply Concerns
European gas prices remained under pressure from restricted LNG availability and the need to replenish underground storage before winter.
Trading Economics identified potential competition between European and Asian buyers, colder weather and prolonged supply disruptions as factors that could contribute to further price increases.
Underground storage accounts for approximately 30% of the European Union’s winter gas consumption, according to the Council of the EU.
In July 2025, the Council approved a two-year extension of gas storage requirements, maintaining a 90% filling target while allowing member states to meet it between October 1 and December 1.
The revised rules also introduced flexibility in response to difficult market conditions, while intermediate storage targets became indicative rather than mandatory.
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